Asian markets opened higher tracking gains in the US market and as they await the policy decisions of the region. Japan's Nikkei gained over 2% at 6:44 a.m., South Korea's Kospi was 0.6% up, while Australia's ASX 200 was 0.2% higher.
In US, the S&P 500 and the Nasdaq 100 rose the most since Sept. 19 after a stronger-than-expected jobs report boosted hopes of a soft-landing. S&P 500 closed up 0.90% at 5,751.07, Dow Jones was 0.81% higher at 42,352.75, and Nasdaq Composite advanced 1.22% to 18,137.85.
Brent crude was trading 0.6% down at $77.62 a barrel. Gold was lower by 0.12% at $2,671 an ounce at 6:45 a.m.
GIFT Nifty traded flat at 25,253.50 as of 06:47 a.m.
India's benchmark equity indices recorded their worst weekly loss in over two years amid rising tensions in the Middle East.
Both the Nifty and Sensex fell more than 4% this week, their worst fall since the June 13, 2022 week, led by losses in Hero MotoCorp, Shriram Finance, and Axis Bank.
Overseas investors stayed net sellers of Indian equities on day for fifth straight day on Friday. Foreign portfolio investors offloaded stocks worth Rs 9,896.95 crore, domestic institutional investors stayed net buyers for the ninth session and bought equities worth Rs 8,905.08 crore, the NSE data showed.
Indian rupee closed flat at 83.97 against the US dollar as the Reserve Bank of India vehemently protected the domestic currency from depreciating beyond Rs 84.
Stocks To Watch
IndusInd Bank: The bank's net advances rose 13% on a yearly basis to Rs 3.57 lakh crore in the July-September quarter. Its deposit rose 15% to Rs 4.13 lakh crore in the second quarter ended June 2024. The CASA ratio dipped to 35.9% from 36.7% sequentially. Retail deposits and deposits from small business customers amounted to Rs 1.81 lakh crore as of Sept. 30, 2024, compared to Rs 1.74 lakh crore as of June 30, 2024.
Federal Bank: The banks total deposits in the quarter ended Sept. 30, 2024, rose by 15.6% year-on-year to Rs 2.69 lakh crore, as per the provisional data. The customer deposits, increased by 16% to Rs 2.53 lakh crore. The lender's gross advances jumped 19.3% to Rs 2.34 lakh crore, as of Sept. 30, 2024. It stood at Rs 1.95 lakh crore in the year-ago period. CASA ratio decreased by 110 basis points to 30.07% from 31.17% in the year-ago period.
GAIL (India): The company signed an MoU with AM Green for the development of renewable energy up to 2.5 gigawatt and green chemical projects.
BSE: Asia Index a wholly owned arm of company launched three new indices—BSE Power and Energy, BSE Sensex Sixty 65, and BSE Sensex Sixty. Among them, the BSE Power and Energy is a thematic index that will measure the performance of 30 companies that are present in the BSE 500 and belong to the energy and utilities sectors.
Titan Co.: In its Q2 provisional business update, the company reported a standalone growth of 25% year-on-year. During the quarter, it added a net total of 75 stores. The jewellery segment experienced a 26% year-on-year increase, while the watches and wearables segment grew by 20%. The Eye Care segment saw a 6% year-on-year rise, and the Carat Lane business recorded a 28% year-on-year growth.
AU Small Finance Bank: In its Q2 provisional update, the bank reported that total deposits reached Rs 1.1 lakh crore, with a CASA ratio of 32.4%. Gross advances amounted to Rs 96,030 crore.
Jammu and Kashmir Bank: As of Sept. 30, bank's total business grew by 9.2% to Rs 2.34 lakh crore. Total deposits increased by 8.96% to Rs 1.38 lakh crore, while gross advances rose by 8.3% to Rs 99,344 crore.
Bandhan Bank: The company in its Q2 provisional business update showed deposits growing by 27.2% year-on-year to Rs 1.42 lakh crore. Loans and advances increased by 21.4% year-on-year to Rs 1.31 lakh crore. The CASA ratio stands at 33.2%, slightly down from 33.4% in the previous quarter.
Jio Financial Services: The company and BlackRock received SEBI nod to act as co-sponsors for setting up proposed mutual fund.
Macrotech Developers: The company experienced a 21% increase in sale bookings, reaching Rs 4,290 crore for the second quarter of this fiscal year. Customer collections rose by 11%, totaling Rs 3,070 crore in the July-September quarter, compared to Rs 2,750 crore in the same period last year. Additionally, pre-sales for the first half of this fiscal year grew by 21%, amounting to Rs 8,320 crore, up from Rs 6,890 crore in the previous year.
L&T Finance: The lender’s retail disbursements grew by around 12% to Rs 15,070 crore and retail loan book saw a 28% increase, reaching approximately Rs 88,950 crore in the second quarter ended June 2024.
Godrej Properties: In its Q2 business update, the company reported a 3% year-on-year increase in booking value, reaching Rs 5,200 crore. Collections surged by 68% year-on-year, totaling Rs 4,000 crore.
RBL Bank: The bank’s gross advances grew by 15% year-on-year to Rs 89,786 crore, while total deposits increased by 20% year-on-year to Rs 1.08 lakh crore. The CASA ratio stands at 33.5%, compared to 32.6% in the previous quarter.
IDBI Bank: The bank’s total business grew by 15% year-on-year to Rs 4.78 lakh crore. Total deposits increased by 11% year-on-year to Rs 2.77 lakh crore, while net advances rose by 19% year-on-year to Rs 2.01 lakh crore.
Adani Energy Solutions: The company incorporated wholly owned subsidiary Adani Energy Solutions Global to explore new business opportunity in transmission projects outside India.
Gravita India: The company has approved raising up to Rs 1,000 crore via multiple instruments following board approval. The funds will be raised through share sale or equity-linked instruments or debt issue in one or more tranches.
State Bank of India: SBI downgraded company account to NPA effective from Sept. 28. MTNL owes SBI Rs 282 crore as of Sept. 30.
Metropolis Healthcare: The company's revenue increased by 13% year-on-year, fueled by growth in patient and test volumes, as well as changes in the product mix. B2C revenue saw a 20% year-on-year rise, primarily driven by the fast-growing Truhealth wellness and bundling segment. During the quarter, the company opened 6 labs and 120 centers, expanding its presence to 700 towns.
Adani Wilmar: The company delivered double-digit revenue growth of 16% in July-September quarter. The revenue growth was driven by strong execution in edible oils & food business. Company’s broader portfolio of oils & food products now providing a scale advantage in distribution.
Ceigall India: The company has received a letter of intent from Uttar Pradesh Government for Kanpur bus terminal project worth Rs 143 crore.
JSW Steel: The company's unit commissioned 4.5 MTPA blast furnace at Vijayanagar plant in the state of Karnataka.
Life Insurance Corp. of India: The company's shareholding in Apollo tyres increased to 5.03% from 4.98%.
Block Deals
R Systems International: Bhavook Tripathi sold 99.99 lakh shares (8.45%) at Rs 465.15 apiece, Goldman Sachs Funds Goldman Sachs India Equity Portfolio bought 28.45 lakh shares (2.4%) at Rs 465.15 apiece, DSP Mutual Fund bought 19.19 lakh shares (1.62%) at Rs 465.15 apiece, Sundaram Mutual Fund bought 11.78 lakh shares (0.99%) at Rs 465.15 apiece, Sundaram BNP Paribas Mutual Fund bought 9.71 lakh shares (0.82%) at Rs 465.15 apiece, Carnelian Bharat Amritkaal Fund bought 8.59 lakh shares (0.72%) an among others at Rs 465.15 apiece.
Bulk Deals
Zaggle Prepaid Ocean Services: ACM Global Fund VCC sold 8.4 lakh shares (0.68%) at Rs 455.24 apiece.
Diffusion Engineers: 3P India Equity Fund 1 bought 11 lakh shares (2.94%) at Rs 202.76 apiece, while Trade Corner bought 3.69 lakh shares (0.98%) at Rs 193.5 apiece.
Insider Trades
Shivalik Bimetal Controls: Promoter Amar Engineering Company sold 21.21 lakh shares on Sept. 27, Promoter Angad Estates sold 49.65 lakh shares on Sept. 27, Promoter Ultra Portfolio Management sold 28.66 lakh shares, Promoter BS Sandhu And Associates sold 4 lakh shares on Sept. 27.
Century Enka: Promoter Pilani Investment and Industries bought 71,360 shares on Sept. 30.
Bajaj Finserv: Promoter Sheetal Bajaj sold 25,000 shares; Promoter Nirav Trust bought 25000 shares, Promoter Kumud Neelima Family Trust sold 5 lakh shares, Promoter Kumud Nimisha Family Trust sold 5 lakh shares, Promoter Neelima Bajaj Family Trust sold 2.51 lakh shares, Promoter Bachhraj & Company bought 2.51 lakh shares, Promoter Bachhraj & Co. bought 10 lakh shares.
Pledge Shares
India Cements: Promoter EWS Finance & Investments Private Limited created a pledge for 23 lakh shares.
Trading Tweaks
Ex/record dividend: Jupiter Wagons.
Ex/record price band change from 10% from 5%: Refex Industries.
Ex/record price band change from 5% from 10%: Techno Electric & Engineering Company.
Ex/record Bonus Issue: NBCC (1:2).
Ex/record Rights Issue: Geojit Financial Services.
Moved out short term ASM: Kamdhenu Ventures, Zenith Drugs
Moved in short term ASM: Solex Energy.
F&O Cues
Nifty October futures down by 1.18% to 25,173 at a premium of 159 points.
Nifty October futures open interest up by 3.4%.
Nifty Bank October futures down by 0.89% to 51,871 at a premium of 409 points.
Nifty Bank October futures open interest up 6.5%.
Nifty Options Oct. 10 Expiry: Maximum call open interest at 27,950 and maximum put open interest at 23,100.
Bank Nifty Options Oct. 9 Expiry: Maximum call open Interest at 62,000 and maximum put open interest at 50,500.
Securities in ban period: Bandhan Bank, Birla Soft, GNFC, Granules, Hindustan Copper, Manappuram, RBL Bank.
Money Market Update
The Indian rupee closed flat on Friday after the Reserve Bank of India vehemently protected the local currency from depreciating beyond Rs 84 amid consistent FPI outflows from domestic equity due to rising tension in the Middle East.
The stock market was also impacted by the Securities and Exchange Board of India's regulatory curbs on derivatives trading.
The Indian currency closed flat at Rs 83.97 against the US dollar. It had closed at Rs 83.97 on Thursday, according to Bloomberg data.
Research Reports:
IT Services Q2 Results Preview - To Stay Soft Despite Seasonality: Systematix
NBFC Q2 Results Preview - Trends Point At Seasonally Weaker H1: Motilal Oswal
Fine Organic - Medium-Term Outlook Continues To Remain Gloomy: Motilal Oswal
How Will Kaynes Benefit From The Acquisition Of Iskraemeco? Systematix' Analysis
Tega Industries - Making A Mark On The Global Stage: Motilal Oswal
Cement Sector Check - Price Hikes Hinge On Hopes Of Demand Recovery: Systematix
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